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SCHOLES & STOREY LIMITED

Registered Number
10555716
(England and Wales)

Unaudited Financial Statements for the Period ended
29 September 2023

SCHOLES & STOREY LIMITED
Company Information
for the period from 1 July 2022 to 29 September 2023

Director

Stephen George Scholes

Registered Address

Afh House Buntsford Drive
Stoke Heath
Bromsgrove
B60 4JE

Registered Number

10555716 (England and Wales)
SCHOLES & STOREY LIMITED
Statement of Financial Position
29 September 2023

Notes

29 Sep 2023

30 Jun 2022

£

£

£

£

Fixed assets
Tangible assets6-8,339
-8,339
Current assets
Debtors858,57860,610
Cash at bank and on hand33,875106,934
92,453167,544
Creditors amounts falling due within one year9(54,781)(70,666)
Net current assets (liabilities)37,67296,878
Total assets less current liabilities37,672105,217
Provisions for liabilities10-(2,085)
Net assets37,672103,132
Capital and reserves
Called up share capital44
Profit and loss account37,668103,128
Shareholders' funds37,672103,132
The financial statements were approved and authorised for issue by the Director on 8 February 2024, and are signed on its behalf by:
Stephen George Scholes
Director
Registered Company No. 10555716
SCHOLES & STOREY LIMITED
Notes to the Financial Statements
for the period ended 29 September 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Change in reporting period and impact on comparability
The company's year end has been extended to 29 September. The financial figures are for the extended period from 1 July 2022 to 29 September 2023. Comparative period figures relate to the year from 1 July 2021 to 30 June 2022 and are therefore not fully comparable.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings6
Office Equipment3
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232022
Average number of employees during the year56
6.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 July 2234122,52022,861
At 29 September 2334122,52022,861
Depreciation and impairment
At 01 July 2216114,36114,522
Charge for year1808,1598,339
At 29 September 2334122,52022,861
Net book value
At 29 September 23---
At 30 June 221808,1598,339
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Stephen George Scholes(8,848)27,418018,570
David Storey(1,015)29,544028,529
(9,863)56,962047,099
8.Debtors

2023

2022

££
Other debtors54,6164,365
Prepayments and accrued income3,96256,245
Total58,57860,610
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables147-
Taxation and social security35,99646,229
Other creditors29718,454
Accrued liabilities and deferred income18,3415,983
Total54,78170,666
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)-2,085
Total-2,085